Merkel Is Seizing Her Chance to Revolutionize Germany’s Economy
The pandemic has revived a radical plan to transform the country into a state capitalist with echoes of France and China.
On a gloomy Friday in March, with the devastation of the coronavirus becoming clear, senior officials in Chancellor Angela Merkel’s government realized that extraordinary measures were needed to shore up Europe’s largest economy.
At breakneck speed, aides based at the Economy Ministry’s former Prussian estate on the Spree river in Berlin pulled together a rescue program totaling 600 billion euros ($660 billion) to prevent a collapse.